BVR. Where every trustworthy business valuation begins... Fall/Winter What It s Worth

Transcription

1 Fall/Winter 2018 BVR What It s Worth Where every trustworthy business valuation begins... Deal & Market Data News & Research Guides & Books Training & CPE bvresources.com Spring/Summer 2018 Pricing valid through

2 Table of Contents DEAL & MARKET DATA DealStats (formerly Pratt s Stats and Public Stats) Page 1 Acquired private and public company transaction comparables BIZCOMPS Page 2 Main Street private company transaction comparables FactSet Mergerstat/BVR Control Premium Study Page 3 Control premiums, implied minority discounts, and acquired public comparable companies FactSet Mergerstat Review Page 4 Annual book of deal details and analysis of the M&A market with monthly updates The Stout Restricted Stock Study & DLOM Calculator Page 5 Lack of marketability discounts (DLOM) PitchBook/BVR Guideline Public Company Comps Tool Page 6 Guideline public company method tool Valuation Advisors Lack of Marketability Discount Study Page 7 Lack of marketability discounts (DLOM) - using pre-ipo data ktmine Page 8 Royalty rate data and license agreements Butler Pinkerton Calculator Page 9 Quantifies total cost of equity and company-specific risk premiums BizMiner Page 11 Comparative industry financial and geographic data First Research Industry and State Profiles Page 12 Detailed information, by SIC code, for industry and state/province analysis Economic Outlook Update Page 13 Quarterly and monthly review of the state of the economy and forecast for the future Business Reference Guide Online Page 14 Guide to pricing businesses using rule of thumb benchmarks NEWS, RESEARCH AND RESOURCE COLLECTIONS Business Valuation Update Page 16 Monthly newsletter with the latest business valuation news plus online search of 5,000+ articles BVLaw Page 17 Digests and full texts of business valuation-related federal and state court decisions BVResearch Pro Page 18 A complete knowledge library with a wealth of business valuation research, news, and legal analysis Fairness Opinion Research Service (FORS) Page 19 Full access to hundreds of fairness opinions filed at the SEC over the last five years. RESOURCE COLLECTIONS BY TOPIC Page 20 DIGITAL LIBRARY AND PUBLICATIONS Page 22 TRAINING & CONTINUING PROFESSIONAL EDUCATION Page 26

3 bvresources.com About Business Valuation Resources Any informed stakeholder in business valuation, performance benchmarking, or risk management turns to Business Valuation Resources (BVR) for authoritative market data, training, and expert opinion. Trust BVR for unimpeachable business valuation intelligence for every use. BVR s databases, publications, and analyses have won in the courtroom and the boardroom for 20+ years. Who uses our products? Business appraisers Certified public accountants M&A professionals Business brokers Attorneys and judges Private equity professionals and venture capitalists Business owners CFOs

4 Deal & Market Data BVR's deal and market databases are used by a wide variety of financial professionals, including business appraisers, business brokers, investment bankers, and professionals who work in venture capital.

5

6 DealStats (formerly Pratt s Stats) Bolster your research with the most trusted private and public company transaction comparables available. Welcome to the new generation of private and public company transaction comparables for valuation and M&A professionals. DealStats (formerly Pratt s Stats) is a state of the art platform that boasts the most complete financials on acquired companies in both the private and public sectors. Every transaction in DealStats is rigorously reviewed by BVR s dedicated team of financial analysts in real time. Whether you are valuing a business, deriving a sale price, benchmarking performance or conducting fairness opinion research, you won t find more complete and trustworthy comparable data in any other source. Add value to your business with DealStats... Defend your business value conclusions with real-world deals Get detailed statistics and comprehensive summary reports that include financial ratios, valuation multiples, profitability margins, and more DealStats Distribution of Transactions by Sector Customize your search and select the best multiples Use the powerful search functionality to explore up to 164 data points, and to perform custom searches to save and revisit anytime! Up your presentation game Present your data visually with interquartile ranges, scatter plots, distribution graphs, and stacked bar charts Get a quarterly analysis of private company acquisitions Each quarter subscribers receive the DealStats Value Index, a quarterly analysis of private company acquisitions by private buyers from the DealStats database Affordable site license pricing available for your entire firm. Contact BVR at info@bvresources.com or Price: $995.00/year. $349.00/day pass 1

7 BIZCOMPS Remove marketplace uncertainty with the most trusted source for Main Street private company transaction data. BIZCOMPS, a comprehensive online database, is the most thorough and accurate resource for financial details on Main Street private companies. This must-have tool includes 13,940+ deals dating back to 2004 and removes marketplace uncertainty with access to meaningful financial information. Designed for accountants, business appraisers, and business intermediaries, it is the most trusted source for small company comparables. The BIZCOMPS Analyzer (included with a subscription) bolsters a user s confidence in subject company research like never before. This unique, Excel-based tool greatly improves a user s ability to select and deselect transactions, complete a detailed analysis, and export custom worksheets to a new Excel workbook. Enhance your research with BIZCOMPS... Support your valuation conclusion with empirical evidence from 21 data fields on 13,940+ transactions, including two valuation multiples Bolster your research with the BIZCOMPS Analyzer, an Excel-based tool that computes valuable statistics and ratios Search by keyword, NAICS or SIC code, revenue, or sale date, and pinpoint the small company comparable data you need Receive the BIZCOMPS/BVR Deal Review, a PDF publication that summarizes and analyzes general trends, valuation multiples, and operating ratios for transactions in the BIZCOMPS database BIZCOMPS Median Sale Price to Annual Gross Sales by Industry for All Annual Gross Sales Ranges Price: $569.00/year. $189.00/single search 2

8 Mergerstat Control Premium Study Minimize your research time with the most trusted source to calculate control premiums and implied minority discounts. Rely on 20 years of detailed transaction data with the web-based FactSet Mergerstat/BVR Control Premium Study. This robust online tool provides empirical support for quantifying control premiums, implied minority discounts, and public company valuation multiples. Quickly and easily search 11,320 transactions that detail up to 57 data points including the control premium, the implied minority discount, and up to five valuation multiples for each transaction. While most transactions included in this comprehensive database are mergers and acquisitions with 100% shares acquired, it also includes controlling takeovers and buyouts. Get empirical support with the Control Premium Study... Rely on 20 years of detailed transaction data that are updated quarterly with new transactions Easily search the database by SIC or NAICS codes, industry, financial performance ratios, sale details, and other criteria and export the data directly into Microsoft Excel Get a detailed transaction report with transaction details, premiums, discounts, sale details, target financial data, and target pricing multiples Stay current - includes the quarterly PDF Control Premium Study data summaries as well as access to historic issues Median Control Premium and Implied Minority Discount by Country for the years Source: Mergerstat Control Premium Study database Price: $689.00/year. $235.00/single search 3

9 Mergerstat Review Arm yourself with the most comprehensive M&A statistics and analysis, including the latest activity and deal data by industry. The annual FactSet Mergerstat Review publication, built and designed for the business valuation and M&A market, is the de facto source for M&A data and analysis. This comprehensive resource delivers data on transactions in which the buyer or seller was a U.S.-based company and covers privately held, publicly traded, and cross border transactions. It also analyzes unit divestitures, management buyouts, private equity, and certain asset sales. The FactSet Mergerstat Monthly Review (a monthly ed report included with your purchase) delivers the most valuable M&A statistics and analysis, including the latest activity and deal data by industry ideal for adding insight and impact to valuation reports, pitch books, client presentations, market overviews, and competitive reports. It also includes quarterly summaries for Asia and Europe. Add insight and impact to valuation reports with Mergerstat Review... Utilize the comprehensive transaction roster organized by industry thousands of dollars of data in one convenient source Arm yourself with insight into trends in prices, methods of payment, premiums, and other critical information related to the overall M&A market. Drill down and compare individual industries with transaction-level detail Consult statistics that reveal which industries are most active and what their respective premiums, TIC/EBITDA, TIC/EBIT, and P/E averages are compared to the market as a whole Access the FactSet Mergerstat Monthly Review and FactSet Mergerstat Quarterly Europe and Asia Reviews (PDF via ) with the most valuable M&A statistics and analysis The U.S. Mergers & Acquisitions Market Index Source: FactSet Mergerstat Monthly Review ( issue) Price: $499.00/Print or PDF. $ Print and PDF Includes FactSet Mergerstat Monthly Review & Quarterly Europe & Asia Reviews. 4

10 Stout Restricted Stock Study Rely on firsthand, current empirical data to determine a discount for lack of marketability using restricted stock. The Stout Restricted Stock Study online database, updated quarterly, has 786+ rigorously screened transactions and up to 60 data fields per transaction. It is a thoroughly vetted, restricted stock sourced discount for lack of marketability (DLOM) database that provides empirical support to quantify marketability discounts used in the business valuation, and investment professions. Save time with the Stout DLOM Calculator (included with a subscription). This easy-to-use tool allows you to quickly implement the Stout methodology and determine a DLOM that is driven by the financial characteristics of the user s subject company, as well as the volatility of the market as of the user s valuation date. Present your DLOM conclusions with confidence with the Stout Study... Rely on firsthand, current empirical data updated quarterly and rigorously screened, each restricted stock transaction includes up to 60 data fields with verifiable details Present your DLOM conclusions with confidence this powerful tool automatically calculates summary statistics for a number of fields to aid in the analysis of the data Access the Companion Guide for all of the details on the data and methodology Sample distribution from Stout Restricted Stock Study database Access to the Stout DLOM Calculator which performs DLOM methodology based on your subject company Save time in deriving your DLOM use the detailed reports to make comparisons between subject companies and issuers of restricted stock included in the study and automate quintile sorting, comparisons, and calculations Price: $759.00/year - Includes the Stout Calculator. $255.00/Single Calculator use 5

11 Guideline Public Company Comps Tool Improve the quality of your comps with comprehensive financials and links to source documents. The PitchBook/BVR Guideline Public Company Comps Tool is a cost-effective, online resource designed specifically for business valuation professionals. With this all-inclusive tool, you can build a list of comparables with comprehensive financials and links to source documents, income statements, balance sheets, and statements of cash flow. You can quickly set the criteria and complete the search, then review and modify the list. Utilize the dedicated search tabs for key fields, SIC codes, industry, location, financials, multiples and ratios, searchable glossary, and real-time display of comps count by industry. And, take advantage of the as-if feature to get multiples and other data as-of your valuation date. Get the best comparables with the Guideline Public Company Comps Tool... Utilize the Excel Plugin to build your own models or choose from existing templates Spend your valuable time picking the very best comparables the database includes all publicly filed data (even for inactive companies) and full financial information for companies traded on Canadian and other non-u.s. stock exchanges Get financial statements and ratios, plus valuation multiples for specific public companies Save time the Guideline Public Company Tool lets you easily save your search and utilize built-in templates Quickly set your search criteria and review and modify your list Source: Screenshot from the PitchBook Guideline Public Company Tool Price: $1,459.00/year. $729.00/2-day access pass 6

12 Valuation Advisors Lack of Marketability Discount Study Easily calculate a discount for lack of marketability using the most current pre-ipo data. Defend your discounts for lack of marketability with the most current data in the Valuation Advisors Lack of Marketability Discount Study. This robust, online database includes 13,710+ pre-ipo transactions, including 1,570+ non- U.S. deals covering 38 countries, from 1985-present. This must-have tool enables you to reference actual DLOMs for companies with similar characteristics to your subject company and ensures you have the most convincing data available. Defend your discounts with the Valuation Advisors Study... Use the database trusted by the Big 4 accounting firms and the IRS Access a quarterly summary chart of median DLOMs by year for each of pre-ipo time frames Easily search 13,710+ transactions, including 1,576+ non-u.s. deals covering 38 countries, by industry, business description, revenues, and and more Capture lack of marketability discount data with advanced search results that include statistics on count, range, mean, and median Get the most current pre-ipo data monthly updates provide the most timely information Number of Transactions as Measured by Revenue from The Valuation Advisors Study Price: $689.00/year 7

13 ktmine Get unlimited access to hard-to-find royalty rates, full-text license agreements, and detailed agreement summaries. ktmine provides hands-on access to the most comprehensive royalty rate data available. This interactive database provides direct access to royalty rates, full-text license agreements, detailed agreement summaries, and statistical analysis. With user-friendly search functionality and sophisticated data mining capabilities, ktmine quickly finds market comparables from 17,000+ licensing agreements and 65,000+ royalty rates, with new agreements continuously added. Find true market comparables with ktmine licensing agreements... Run unlimited searches and view unlimited agreement summaries. ktmine houses thousands of public agreements and includes license agreements, service contracts, referral agreements, and more! Easily search the database to find true market comparables ktmine analysts review every agreement in the database using a rigorous process to ensure all key licensing terms are accurately captured and categorized Get in-depth summaries and analysis tools ktmine s summaries list an agreement s key licensing terms and provide access to the full agreement details. The database s analysis center provides charts and tables that quickly reveal big-picture context and trends for an entire set of agreements ktmine Search Summary Example Day passes and annual subscriptions available. Please call for details. 8

14 Butler Pinkerton Calculator Objectively quantify total risk using real-time, empirical market observations. The Butler Pinkerton Calculator offers empirical data for total cost of equity (TCOE) and company-specific risk premiums (CSRP) a first for the business valuation profession. This cutting-edge, web-based tool produces real- time beta calculations based on your choice of six different market proxies and allows you to use the empirically derived results to support and defend your subject company s cost of capital. Excel with the Butler Pinkerton Calculator while your competition relies on subjective guesses devoid of empirical evidence. They may have created a tool for valuation professionals that is possibly better than anything else out there for the determination of a discount rate. The Butler-Pinkerton Calculator is a tool that every valuation analyst must have in his or her toolbox. This is perhaps one of the best contributions to our profession in a long time. -- Gary Trugman, CPA/ABV, MCBA, ASA Get empirical, market-based support with the Butler Pinkerton Calculator... Quickly confirm cost of equity conclusions calculated from other sources or methods and compute company-specific risk Save time and money the Butler Pinkerton Calculator performs in minutes the work that would otherwise take hours to complete Get empirical, market-based support for U.S., German, and Canadian companies with just a few clicks. The model quantifies TCOEs and CSRPs for up to 12 publicly traded stocks at any one time Quantify TCOEs, CSRPs, and market betas for your exact date of value Source: Screenshot from the Butler Pinkerton Calculator Price: $389.00/year. $179.00/single use 9

15 BizMiner Access extensive industry-specific financial data covering 6,500 lines of business in thousands of U.S. market areas. BizMiner is one of the most compelling sources of current industry-specific financial data available. Its extensive and cost-effective industry and geographic data cover 6,500 lines of business in thousands of U.S. market areas. Sourced from an array of the nation s government and private statistical sources, BizMiner accesses more than a billion data points. Access over a billion data points with BizMiner... Save time and money BizMiner has the most costeffective industry and geographic data on 6,500 lines of business in thousands of U.S. market areas EBITDA: Sales (%) Get the most current data BizMiner uses a wealth of sources including the IRS, U.S. Economic Census, Bureau of Labor, and more Get access to every report with the BizMiner Suite (other subscription options and single reports also available): BizMiner Suite: 5 million reports that include each of the following: BizBenchmarker Reports (U.S. and Local) U.S. Industry Financial Reports Local Industry Financial Reports States and Metros Sole Proprietor Profit & Loss Profile Startup Profit & Loss Profile U.S. Industry Market Reports State-Metro-County-Zip Industry Reports Competitive Market Analyzer (State-Metro-County-Zip) Retail Sales per Square Foot Source: Sample data from BizMiner reports Return on Assets Pre-Tax (%) Source: Sample data from BizMiner reports Price: Suite: $1,279.00/year. Financial Analysis Series: $799.00/year. Competitive Market Analyzer: $799.00/year Local Industry Financial Reports: $799.00/year. Single reports also available 11

16 First Research Profiles Get key insights into your industry or geographic area with detailed industry and state/province reports. First Research Industry Profiles, State Profiles, and Canadian Province Profiles provide detailed industry and economics analysis in thousands of segments. In a matter of minutes get key insights into your industry or geographic area. Each industry profile includes important sections on critical issues, a quarterly industry update, industry overview, credit and business risk issues, business trends, and industry forecasts. Each state or province profile includes sections on the big picture, employment data, major industry update, local real estate summary, and website resources. Readily spot key business challenges with First Research reports... Grasp how an industry operates, understand the competitive environment, and stay abreast of government regulations Let First Research do the heavy lifting for you save valuable time and research dollars with access to reports in thousands of industry segments, 50 state profiles plus Washington, D.C., and 10 Canadian provinces Sample report data: Industry Employment Growth Bureau of Labor Statistics Search by SIC or NAICS code to easily find the industry profile you need Stay current with industry changes U.S. industry profiles are updated quarterly, state profiles are updated monthly, Canadian industry profiles are updated annually, and Canadian province profiles are updated monthly Source: Sample data from First Research report. Price: $1,139.00/year U.S. Industry Profile Subscription. $469.00/year Canadian Industry and Province Profile Subscription $139.00/Single U.S. Industry Profile. $99.00/Single U.S. State or Canada Province Profile $69.00/Single Canadian Industry Profile 12

17 Economic Outlook Update Save thousands of dollars with this review and forecast of the national economy, in one convenient report. Save time with the most comprehensive economic data available. The Economic Outlook Update (EOU) monthly and quarterly reports digest expansive research from many leading sources into one convenient and cost-effective report. This robust resource can easily be used as a basis for the current economic conditions portion of your valuation reports. And, with an expanded set of graphs and charts, you will have the most comprehensive and accurate data available. Rely on the most accurate data with the Economic Outlook Update... Save thousands of dollars on expensive research. Each report includes: Unemployment Economic outlook Consumer spending Energy prices Stocks and bonds Interest rates Real estate market And more! Delivered in PDF, Microsoft Word, and Microsoft Excel formats to ensure you can easily use the data. Subscribers can cut and paste EOU content directly into their valuation report Access the handy state-by-state summary of economic information sites for local reviews and forecasts Rely on the most accurate and comprehensive data our forecasts are based on 30 of the most prominent U.S. economic and financial forecasts Stay current with monthly updates, four quarterly reports, and access to all historical reports dating back to 1Q 2003 U.S. Employment Since 2008 Source: Economic Outlook Update 3Q2017 Price: $359.00/year. $155.00/Single issue 13

18 Business Reference Guide Online Confirm the accuracy of your valuation with benchmarking and pricing rules of thumb. The Business Reference Guide (BRG) is still the essential guide to benchmark and price businesses and franchises. With up-to-date rules of thumb and industry and pricing information for 600+ types of businesses, the BRG is a vital tool for any stakeholder in a privately owned business. With the Business Reference Guide Online Database, users enjoy the BRG data they ve come to depend on with additional benefits such as keyword searching, continual updates throughout the year, and more! In addition, the online database includes a a print copy of the current year s BRG. Get current rules of thumb with the Business Reference Guide Online... Take advantage of the easy-to-use search tool with the ability to search for businesses and other useful data using keywords or SIC and NAICS codes Confirm the accuracy of your valuation with the most current data available the online BRG is updated throughout the year Use rules of thumb, pricing tips, and benchmark data to prepare informational packages or marketing pieces for clients and prospects. Most pricing entries contain: Rules of thumb based on both sales and earnings (seller s discretionary earnings) Pricing tips from industry experts Benchmark information that provides comparison data Industry resources such as associations and publications with websites General information providing industry data, surveys, and comments An online subscription includes the most current year s print copy of the Business Reference Guide Affordable site license pricing available for your entire firm. Contact BVR at info@bvresources.com or Price: $328.00/year (Includes print copy of current-year Business Reference Guide) 14

19 News & Research BVR offers a wealth of tools to assist with your valuation research, including searchable databases, reports, and publications that cover the content you need to stay current.

20 Business Valuation Update Stay at the forefront of the profession with the latest thinking from top thought leaders The Business Valuation Update (BVU) has been the voice of the valuation profession since its inception in Each monthly issue includes new thinking from leading professionals around the globe, detailed reports from valuation conferences, analysis of new business valuation approaches, analysis of featured legal cases which cover key business valuation issues, regulatory and standards updates, and much more! BONUS: The BVU includes powerful online search functionality of all issues. Search articles by keyword or author. Request a demo to see it in action! Get the latest business valuation research and findings from the BVU... Keep yourself front and center of the business valuation profession with online access to all current and historical articles published in the BVU since 1995, plus featured columns including: U.S. and Global BV News and Trends BV Tip of the Month Ask the Experts Save time with our state-of-the-art search functionality. Search by keyword or author to find the content most relevant to you Utilize cost of capital highlights from Duff & Phelps and the implied private company pricing line tool (IPCPL), printed on the back cover of every issue Get a special summary of BVR s monthly Economic Outlook Update created specifically for BVU subscribers includes historical economic data and forecast charts Bulletproof your valuation conclusion by incorporating the latest research and findings in your report or expert witness testimony Affordable site license pricing available for your entire firm. Contact BVR at info@bvresources.com or Price: $429.00/year (Includes online access, PDF download, and print version) 16

21 BVLaw Save research time with 3,900+ business valuation-related cases and digests at your fingertips. When your reputation is on the line, use BVLaw to learn the court s perspective on the critical elements of your business valuation. This comprehensive online tool includes 3,900+ business valuation cases and case digests which feature decisions that involve economic damages, lost profits, estate and gift tax, divorce, shareholder oppression, partnership dissolution, securities litigation, and more. BVLaw has been locating, indexing, and analyzing business valuation-specific cases for 15+ years, and BVR s team of legal experts continuously track and analyze published decisions from the courts in all 50 states and federal jurisdictions (including the Delaware Court of Chancery and the U.S. Tax Court) to ensure that you re current on valuation decisions. Minimize your legal research fees with the BVLaw database... Eliminate the need for cumbersome searches - BVLaw includes legal analysis and full-text court opinions that date back to 1925 Minimize your legal research fees benefit from the ability to perform unlimited searches Save time - our legal analysts prepare focused digests so you can quickly drill down to the valuation and damages issues Utilize a state-of-the-art search engine with advanced search functionality. Search by: Case name Topic Judge name SIC code Type of case Keyword Jurisdiction Date Search BVLaw by keyword, date, state, jurisdiction, type of case, judge, or SIC code Source: Screenshot from BVLaw database. Price: $379.00/year 17

22 BVResearch Pro Meet your new research team, complete with a comprehensive knowledge library. The new BVResearch Pro (available early 2018) is a complete knowledge library with a wealth of the best business valuation research, news, legal analysis, webinar transcripts, and BVR publications in one platform. BVResearch Pro s sophisticated search engine helps you find answers even more easily than ever before. Stay current with access to 8,000+ articles (and counting), legal digests, and more from the world s foremost thought-leaders in business valuation. Add BVResearch Pro to your research team... Find answers quickly and easily - BVResearch Pro s powerful search engine returns a wealth of news, articles, legal digests, books, and webinar transcripts with a few clicks of a mouse Get the most current research available - the content in BVResearch Pro is added real-time so you ll never have to wait for an important article or news item Save time and money - access the most unprecedented wealth of business valuation research, news, and legal analysis in one easy-to-use, searchable platform BVResearch Pro Includes: EXPERT GUIDANCE Digital Library (publications) Webinar Transcripts NEWS YOU CAN TRUST Business Valuation Update (articles) BVWire (articles) Blog Posts ASA Business Valuation Review (archive articles) Valuology (articles) Transaction Advisors (articles) White Papers LEGAL RESEARCH BVLaw (case digests) Blog Posts Affordable site license pricing available for your entire firm. Contact BVR at info@bvresources.com or Price: $ /year 18

23 Fairness Opinion Research Service Easily access unique fairness opinion source information so you can focus on analysis and not tedious data gathering. With the absence of regulation surrounding the issuance of fairness opinions, market practices have become de facto standards. The new Fairness Opinion Research Service (FORS) groundbreaking resource gives you the competitive edge. Get immediate and complete access to hundreds of filed fairness opinions to easily know what s market, and well as benchmark their work against hundreds of board books, opinion summaries, and opinion letters filed at the SEC over the last five years. Bypass the SEC s filing maze and know what s market with FORS... Easily find board books and key benchmarks in seconds with direct links to all SEC source documents Save countless hours with FORS customizable interface screen by 40+ criteria and efficiently filter information-rich documents Score the advantage compare fees, deal structures and financing, valuation methods, and more Boost your credibility by including the most relevant and most current financial ratios, growth metrics, and other benchmarks Fairness Opinion Research Service by Valuation Model Contact us at for pricing details. 19

24 Resource Collections BVR s Resource Collections by Topic Navigate the many complex issues in business valuation with BVR s comprehensive resource collections. We put all the valuation resources you need in one simple place. Resource collections by topic include: Global Business Valuation To reflect the growing importance of business valuation in a non-u.s. setting, BVR offers a global business valuation resource collection. Find best-in-class news, training, research, and data tools for business valuation professionals around the world. Learn more at bvresources.com/globalbv. Cost of Capital The cost of capital resource collection provides the most current valuation data and analysis to financial professionals. We are committed to continually furthering and adding to the analysis available and to providing you with useful features. Learn more at bvresources.com/costofcapital. Intellectual Property We recognize the importance of accurate and defensible intangible property and intellectual property valuations, not only to fulfill compliance requirements, but also to sustain business growth strategies worldwide. The intellectual property resource collection fulfills the need for a prospective look at an emerging technology with authoritative market data, continuing professional education, and expert opinion as it relates specifically to valuation of intangible property. Learn more at bvresources.com/ip. Check out our additional resource collections: Case Law & Expert Testimony Compensation Discounts & Premiums Divorce Economic Damages Estate & Gift Fair Value for Financial Reporting Goodwill Healthcare Industry Analysis Market Comparables S Corps Standards of Value 20

25 Digital Library & Publications BVR publications provide current thought-leadership in the valuation profession with comprehensive guides, books, and special reports on timely topics.

26 Digital Library Save research time with online access to 60+ BVR-published books and special reports. BVR publications bring you the most up-to-date thought leadership in the BV profession. And now these valuable resources can be at your fingertips in a digital format. BVR s Digital Library provides immediate online access to the entire library of BVR-published titles (60+ books and special reports) focused on industry valuation techniques, methodology, and more. And, each time a new BVR title is released, you get immediate access to it with your subscription - often before it s available for individual purchase. Access a wealth of publications with the Digital Library... Stay current on the latest thought-leadership with publications that focus on business valuation methodology, how-to s on an industry-by-industry basis, and more Save research time and money - stock your digital library with must have publications for a fraction of the price Navigate valuation pitfalls and avoid missteps with search capabilities, continual updates, and instant access when new titles are released Access these new and popular titles, plus many more: What It s Worth: Valuing Electrical Contracting Companies What It s Worth: Valuing HVAC Companies The BVR Business Valuation Firm Economics & Best Practices Guide BVR/AHLA Guide to Valuing Physician Compensation and Healthcare Service Arrangements, Second Edition Business Valuation Update Yearbook, 2018 Business Valuation Case Law Yearbook, 2018 The BVR/AHLA Guide to Healthcare Industry Finance and Valuation, Fourth Edition The Comprehensive Guide to Economic Damages, Fourth Edition Affordable site license pricing available for your entire firm. Contact BVR at info@bvresources.com or Price: $1,295.00/year 22

27 What It s Worth What It s Worth PUBLICATIONS FactSet Mergerstat Review, 2018 Edition Author/Editor: FactSet Mergerstat Print: $ (Other formats available) BVR/AHLA Guide to Healthcare Valuation, Fourth Edition Edited by Mark Dietrich Print: $ (Other formats available) Business Valuation Update Yearbook 2018 Print: $ (Other formats available) Nancy J. Fannon Jonathan M. Dunitz The Comprehensive Guide to ECONOMIC DAMAGES Fourth Edition The Comprehensive Guide to Economic Damages, Fourth Edition Edited by Nancy Fannon and Jonathan Dunitz Print: $ (Other formats available) Business Valuation Case Law Yearbook 2018 Print: $ (Other formats available) 2017 Edition The BVR Business Valuation Firm Economics & Best Practices Guide Business Valuation Firm Economics & Best Practices Guide PDF: $99.00 DLOM Guide & Toolkit Author/Editor: James Hitchner, R. James Alerding, Joshua Angell, and Katherine Morris Publisher: Valuation Product & Services Print or PDF Guide only: $199 Print & PDF Guide + Toolkit: $699 Taxes and Value The On-Going Research and Analysis Relating to the S Corporation Valuation Puzzle Nancy J. Fannon Keith Sellers Taxes and Value: The Ongoing Research and Analysis Relating to the S Corporation Valuation Puzzle Authors: Nancy Fannon & Keith Sellers Print: $ (Other formats available) Intellectual Property Valuation Case Law Compendium, Third Edition Print: $ (Other formats available) Narrative and Numbers: The Value of Stories in Business Authored by Dr. Aswath Damodaran Published by Columbia Univ. Press $29.95 Understanding Business Valuation: A Practical Guide to Valuing Small to Medium Sized Business, 5th Ed. Author/Editor: Gary Trugman Publisher: AICPA $ Financial Valuation Applications and Models, 3rd Edition Authored by James Hitchner Published by Wiley & Sons Inc. $

28 What It s Worth What It s Worth What It s Worth What It s Worth What It s Worth What It s Worth What It s Worth What It s Worth What It s Worth PUBLICATIONS A BVR Special Report What It s Worth: Valuing Electrical Contracting Companies What It s Worth: Valuing Electrical Contracting Companies PDF: $ A BVR Special Report What It s Worth: Value and Business Challenges in the Budding Cannabis Industry What It s Worth: Value and Business Challenges in the Budding Cannabis Industry PDF: $ Second Edition A BVR Special Report What It s Worth: Valuing HVAC Companies What It s Worth: Valuing HVAC Companies PDF: $ A BVR Special Report What It s Worth: Veterinary Practice Value What It s Worth: Veterinary Practice Value PDF: $ A BVR Special Report What It s Worth: Hotel Business Value What It s Worth: Hotel Business Value PDF: $ A BVR Special Report Case studies in PURCHASE PRICE ALLOCATIONS Case Studies in Purchase Price Allocations PDF: $ A BVR Special Report What It s Worth: Brewery Value What It s Worth: Brewery Value PDF: $ MONTE CARLO Simulations Advanced Techniques A BVR Special Report Monte Carlo Simulations: Advanced Techniques, Second Edition PDF: $ Second Edition BVR What It s Worth A BVR Special Report What It s Worth: Winery Value What It s Worth: Winery Value PDF: $ Second Edition Benchmarking Identifiable Intangibles and Their Useful Lives in Business Combinations Benchmarking Identifiable Intangibles and Their Useful Lives in Business Combinations, Third Edition Print: $ (Other formats available) A BVR Special Report What It s Worth: Law Firm Value Edited by Ronald L. Seigneur What It s Worth: Law Firm Value Edited by Ronald Seigneur PDF: $ For a complete list of BVR and partner publications, please visit: bvresources.com/publications 24

29 Training & CPE Stay current with the business valuation profession and earn CPE credits from the comfort and convenience of your office with BVR s training programs featuring business valuation thought leaders.

30 Training & Continuing Professional Education Connect with the experts from the comfort of your office! BVR s webinars, workshops, special series, and elearning programs are ideal for the financial or legal professional looking to stay current with the most pressing issues in business valuation. BVR offers several options for your training needs, whether you are a single-person firm in need of CPE or a large firm in need of a license to train your entire staff. Check out the various training options and upcoming sessions. Training Passport/Training Passport Pro Access training all year with the Training Passport and Training Passport Pro. Passport subscribers receive access to live webinars, plus audio recordings, transcripts, and ancillary materials. Don t miss these upcoming sessions: Valuing Manufacturing Companies: Value Drivers and Industry Risk How to Conduct an S-corp Valuation for the IRS Given IRS Internal Memorandums NEW! elearning Courses elearning courses offer specialized training on your schedule, from any location, on any device. Benefit from access to the combined knowledge of numerous experts and engaging multi-media content including videos, quizzes, downloads, infographics, and more. Courses include: Monte Carlo Simulations Excel for Valuation International Business Valuation Standards Special Webinar Series Stay current with the latest changes in some of business valuation s fastest- moving fields. BVR s special series of webinars are presented by the foremost experts in their field and span over a few months. Series include: Intangibles Fair Value Healthcare Training Library Make the recordings and transcripts of BVR s events an indispensable addition to your valuation reference library by purchasing each individually or with a subscription to the Desktop Learning Center. Train your staff on important topics, including: Opportunities That Exit Planning Provides DLOMS and the IRS Write Like An Expert Witness Affordable site license pricing available for your entire firm. Contact BVR at info@bvresources.com or *All webinars and workshops are also available for individual purchase. 26

31 BVR What It s Worth Business Valuation Resources, LLC 111 SW Columbia Street, Ste 750 Portland, OR PRESORT STD U.S. POSTAGE PAID PORTLAND, OR PERMIT NO Look inside... for the private company intelligence you need for your next valuation engagement.